Sonim Technologies Inc. (NASDAQ:SONM) jumped 12% on no company news or releases. Recently the company announced its Q2 2021 financial results for the quarter ending June 30, 2021. The company reported net revenue of $12 million, dropping from $12.2 million in Q1 2021. Gross profit jumped 8%, sequentially increasing to 22.2%.
Sonim reported a GAAP net loss of $6.7 million or $0.1 per share, an improvement from $9.3 million or $0.14 per share in Q1 2021. At the end of the quarter, the company had $6.9 million in cash and cash equivalents and raised approximately $8.4 million from its at-the-market share offering in July.
The company continues to develop its next-gen rigged phones and expects an initial high volume feature phone to launch in Q3 2021. Chief Operating Officer Bob Tirva said that the company has made considerable progress and expects to launch the first of its next-gen devices in Q3. The rugged phone is an improved version of the company’s highest-volume feature device. So in the coming quarter, SONM is worth watching.
Market Reaction:
On Tuesday, SONM stock jumped 11.73% at $0.5050 with more than 23.60 million shares, compared to its average volume of 5.75 million shares. The stock has moved within a range of $0.4380 – 0.5113 after opening the trade at $0.4380.
